The English speaking world is pretty much synonymous with over-priced real estate. I agree the US is probably a few months ahead in terms of when it started (and will possibly end). There was a recent post here, which listed “unaffordable” cities and Australia has several competitive entrants. If the California experience is anything to go by, it’s hard to imagine parts of cities or urban areas remaining immune anywhere where there has been a bubble.
It is a problem when there is a dearth of data, but as a general rule if it seems expensive then it probably is, and unless there is an independent source I’d be wary of any reports put out there by realtors, lenders, etc which are inevitably self-serving.
I can understand the appeal of Australia for southern Californians, but the world is much bigger than the Anglo-sphere, which is a relative new-comer to the ‘life-style’ culture, often misrepresenting ‘life quality’ by material trappings, and now of course the the harbinger of debt. If you want to know living at its best, then somewhere like France probably has no equal. The French, Italians, Spanish, Greeks etc have been nurturing the essence of ‘how to live?’, and are a lot better at it. Moreover, property prices have also been traditionally lower. This paradox would make an interesting subject for a book.
